Va loan help

Hi, long time lurker first time poster. I've been reading these boards and learning a lot for the past year or two. Here goes... I recently applied for a mortgage with veterans united and my scores came back as follows; exp 617, tu 594 and eq 608. I was instantly transferred to their department of secondary approval. After running my files through the simulators I was told there was nothing I could do bit, wait for accounts to mature. (Capone secured MC $400 limit $22 balance opened nov 2012 USAA secured Visa $500 limit $10 balance opened sept 2012 and a nfcu visa $600 limit $1 balance opened sept 2011 student loans with late pays that have been paid on time for over the last two years car loan with no late pays. Here's the bad four charge off accounts all lowers than $400 three with a zero balance as of dec 2012 the fourth has a balance of $339 that have been paid in dec 2012 but, not updated. I contacted the company that agree to do a paid for deletion they instructed me to dispute with the cb which isthe only one that shows it. I have a signed letter that states that the account would be deleted. I disputed the account with equifax and the computer updated told me to expect it to be resolved on 5/31/13. I've done all that I can do to my question is if my ca doesn't reach the magic "620" by mid June is there any other bank that would do va home loan with a 600 mid score for texas? Btw the lender told me my dti was 18% and my uti was <2% and the increasing my limits on my secured cards wouldn't improve my scores according to their simulator. What do you think?

Re: Va loan help

This is a hard one, I know Suntrust is 640, ifreedom direct said 640, Quickens Loans 620, Wells Fargo 620, not sure about veterans united I guess it's 620 from your post but, I was just pre-approved with them in a day after sending in the requested documents, for some reason with NFCU and VU I didn't ask about scores but that's who I applied with so far. I know this does not help you find a lender but, maybe it will help you eliminate some if you had these lenders in mind. Good Luck with everything.

Re: Va loan help

@Fabadvice Thank you for your reply. I was considering NFCU, USAA and VU. I talked to a guy at Wells Fargo and he told me the mid minimum is 600. I currently have the paid c/o in dispute once it's cleared I'll make the appropriate move.

Re: Va loan help

Best advice is to wait. Most lenders that I work with have set a floor of 640 on government guaranteed loans. In the odd event that you are able to get approved below that floor, your rate will eat you alive.

Re: Va loan help

electus_unus wrote:@elcid89 thank you. I wondered about that but, the rep at Wells Fargo was telling me that it'll be at 3.5% VU 2.95% how will those eat me alive?

If Wells is willing to do 3.5 and VU is willing to do 2.95 at those scores without a boatload of conditions or a nasty buyer contribution at closing, which honestly shocks me, then I'd say go for it. I'd get a lock commitment in writing to the rate though.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair
organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or
assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.